Illinois treasurer enacts one-year moratorium on Wells Fargo business

CHICAGO—Illinois will suspend $30 billion in investment activity with Wells Fargo & Co., the state treasurer said Monday morning, the latest in a series of setbacks for the bank resulting from its continuing sales scandal.

Illinois State Treasurer Michael Frerichs called Wells Fargo’s actions “downright shameful” and said that the state is suspending investments in Wells Fargo debt securities for one year and suspending the use...

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